[OPINION BY ODEWALE ABAYOMI] Nigeria’s conflicting fiscal and monetary policies: The bane of MSMEs | TheCable
Okafor Angela sells female wears around Tasha Alu, Sokoto state capital, SokotoOver the last eight years of President Muhammadu Buhari’s tenure, statistics show that the federal government operated an expansionary fiscal policy and a contractionary monetary policy.
Recently, Muda Yusuf, the CEO of the Centre for the Promotion of Private Enterprise , bemoaned the conflicting and contradicting policies between the federal ministry of finance and the Central Bank of Nigeria; a situation where an item that is not prohibited under the fiscal policy is blacklisted under import prohibition list and the Central Bank of Nigeria’s forex exclusion list.
“We ran into a false company in India and made a direct payment unsecured. We have not got more than 10-15% of what we paid them in dollars, more than 5 years now” said Raymond Anyanwu, general manager, admin and finance, Arewa Metal Containers LTD.
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